Mar 28 – Apr 2 2021 – UPDATED
AUDCAD – Price was right at our zone and looking at the four hour chart, you get a trend line break entry. This trade took some heat and if you are using tight stops, you got taken out but could easily re-enter. As written in the blog, we use ATR stops, generally 2X ATR which keeps you in the trade for a 113 pips drop to lows.
AUDJPY – Price ranged at our zone
BTCUSD – Broke from our location and using four chart, $3960 upside from trend line break catching the momentum move out of the range
EURNZD – Short lived upside from either a trend line break entry OR failed test of lows off range. Same entry location. Price jumped 71 pips before falling back. Enough movement for trade management.
GBPUSD – Another short lived trade and entry is off reversal candle on four hour chart. 101 pips to the downside before running into prior range at lows.
USDCAD – Price began the four hour chart reversal in our zone. Price broke four hour resistance and quickly fell back inside the level which, if looking short, is an entry. 87 pips
USDCHF – Price continued upside finding support at previous resistance.
Our zones of opportunity for last week were spot on with over 600 pips potential. These were simple pullback trades and using the lower time frame, the four hour chart, for reversal triggers. You can use price action for triggers, chart patterns such as breakout from small ranges, breaks of highs or lows, or even a hook of a momentum indicator. What matters is you have some tool to get you into the trade to avoid impulsive trading.
Here are this weeks charts to watch……
Mar 21 – Mar 26 2021 – UPDATED
How did these do?
AUDJPY – Price dropped right to our second level and four hour chart gave an entry with a failure test of lows and outside bar. 107 pips are buy stop high of reversal.
CADJPY – Price fell right into our middle zone and on the four hour chart, could not get an entry at lows. Price rose up, pulled back and gave us an inside bar where buy stops orders can be placed. 78 pips to highs.
EURCHF – Price stayed inside the range
EURJPY – Price came into our first zone with a trend line break entry price ran 40 pips before falling back. Price then came to our last zone and put in a double bottom. Trend line break led to 70 pips upside.
GBPJPY – Price came right into our zone and the four hour chart gave the entry. Price bounced off lows, put in a higher low and entry was at break of 149.40 for a run of 210 pips
USDCAD – No short entry
USDJPY – Price came into bottom of range which is where you want to enter for a buy. Price bounced and resistance did not step in as price broke through. This fed buyers and price ran for 109 pips.
Last week was pretty slow with 269 pips off of four setups. Right now, price action is fairly tight on most pairs and that is the time to be very picky. The 7 setups for this week are mostly simple pullback trades with the zones to watch being marked. Once price enters the zones, you use the four hour chart for an entry trigger.
An entry trigger can be the break of a range, trend line break, price action reversals….there are many to choose from. Even using a hook in a short term moving average can be used.
Mar 14 – Mar 19 2021 – Updated
How did these play out?
AUDUSD – Pullback continued and on the four hour chart, a trend line break lead to a 110 pip upside run.
EURUSD – No entry long off the four hour.
GBPAUD – Again using a trend line break entry off of a four hour chart lead to 159 downside pips
NZDUSD – Price never broke down through lows as shown by the horizontal line on the set
This past weeks Forex setups brought in a potential 535 pips and Bitcoin doing well with a $6800 jump.
Only 4 setups this week as price is either still in momentum pushes or in tight trending price action. We are looking to get involved on higher time frame continuations by looking at entries on the four hour chart.
Thanks for the setups.
BTCUSD has a bear flag that got broken last week. My final target is 12k.